Friday, September 16, 2011

July, August Lincoln Park home sales up 34%

The buzz was home closings were up for July and August.  Here's a look at Lincoln Park single family home closings for July and August 2011 vs last year.

35 single family homes sold in Lincoln Park in July and August 2011, up 9 units (34%) over 2010.  The median price was just over $1.3 million.  Median for the same time last year was $1.26 million.

The highest closing during the two months was 1835 N Howe at $3,965,000 cash (that cash might have loosened things up...the original list price was $4.5 million and it sold in under 30 days).

The lowest price was for a really nice 4 bedrooms 3 baths single family row house at 2108 N Bissell at $590K.  Priced right and another quick sale despite the home backing up to the CTA Red Line tracks.

All statistics gathered and analyzed by Eric Rojas, Real Estate Broker from, our local MLS (which I'm a member).


H. said...

Re the Bissell house... does a "quick sale" = being on the market since March of 2010? The property was relisted yet again in May of 2011 and sold based off that price. While a tough sale due to the El, I can't view this as a part of an upturn.

Eric Rojas said...

The Bissell house was first listed in March 2010 at $839K by an agent related to the seller and taken off in December 2010. It was on the entire time without being taken off the market.

The house was listed in May 2011 for 619K and under contract under 30 days (quickly).

I make no inference to an "upturn". Most posts on stats I make are down in unit sales and median price. Sometimes I find segments of the market that are up (for instance two-flat unit sales are up this year in many areas but median prices down).

When the Chicago Tribune reported on July unit sales up, I wrongly predicted August unit sales would be down due to stock market volatility and jobs. However, a lot of those deals were penned already and August was a positive.

September may be slow again (although we've personally had more movement from clients).

However, we may be up in unit sales for single family homes and multi-units in many neighborhoods for the year that we work in. This means a more "normal" and affordable market in these segments. It may even be an upturn (some sustained growth in unit sales from post 2008 crash).

Condos continue to be, and will be, down again across the board for the year.